Bank of New York Mellon Corp Makes New Investment in Millicom International Cellular SA $TIGO

Key Points

• Bank of New York Mellon purchased 504,531 Millicom International Cellular shares worth approximately $45.8 million, giving it a 0.30% stake. Several other institutional investors also initiated or increased positions during the second quarter.
• TIGO shares opened at $93.22, near their 50-day average of $93.76, with a 52-week range of $44.88 to $107.13. The company has a $15.75 billion market capitalization and carries a debt-to-equity ratio of 3.07.
• Analyst sentiment remains mixed, with three Buy, three Hold and one Sell rating; the stock has an average rating of Hold and an average price target of $85.68. An insider also sold 49,288 shares for about $4.36 million in June.

Bank of New York Mellon Corp purchased a new position in Millicom International Cellular SA (NASDAQ:TIGO - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 504,531 shares of the technology company's stock, valued at approximately $45,791,000. Bank of New York Mellon Corp owned about 0.30% of Millicom International Cellular at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Assenagon Asset Management S.A. purchased a new position in Millicom International Cellular in the second quarter valued at about $632,000. GK Wealth Management LLC bought a new position in shares of Millicom International Cellular in the 2nd quarter valued at approximately $316,000. GAMMA Investing LLC grew its holdings in Millicom International Cellular by 39.4% during the second quarter. GAMMA Investing LLC now owns 1,160 shares of the technology company's stock valued at $105,000 after purchasing an additional 328 shares during the last quarter. Versant Capital Management Inc raised its position in shares of Millicom International Cellular by 896.7% in the second quarter. Versant Capital Management Inc now owns 299 shares of the technology company's stock valued at $27,000 after purchasing an additional 269 shares during the period. Finally, CTC Alternative Strategies Ltd. bought a new position in shares of Millicom International Cellular in the first quarter valued at approximately $600,000.

Millicom International Cellular Stock Performance

Shares of Millicom International Cellular stock opened at $93.22 on Friday. The firm has a fifty day moving average of $93.76 and a two-hundred day moving average of $83.76. The company has a debt-to-equity ratio of 3.07, a quick ratio of 0.51 and a current ratio of 0.53. The stock has a market capitalization of $15.75 billion, a price-to-earnings ratio of 23.54 and a beta of 0.91. Millicom International Cellular SA has a 52 week low of $44.88 and a 52 week high of $107.13.

Analysts Set New Price Targets

Several analysts recently weighed in on TIGO shares. Weiss Ratings downgraded Millicom International Cellular from a "buy (a-)" rating to a "buy (b)" rating in a research note on Friday, August 21st. Royal Bank Of Canada set a $105.00 price objective on shares of Millicom International Cellular in a report on Tuesday, August 18th. Wall Street Zen cut Millicom International Cellular from a "buy" rating to a "hold" rating in a report on Saturday, May 16th. Scotiabank boosted their price target on Millicom International Cellular from $52.40 to $60.10 and gave the company a "sector underperform" rating in a research note on Friday, August 7th. Finally, UBS Group raised their price objective on shares of Millicom International Cellular from $90.00 to $100.00 and gave the stock a "neutral" rating in a report on Tuesday, July 14th. Three research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $85.68.

Insider Transactions at Millicom International Cellular

In other Millicom International Cellular news, insider Salvador Escalon sold 49,288 shares of the business's stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $88.51, for a total value of $4,362,480.88. Following the sale, the insider owned 165,344 shares in the company, valued at approximately $14,634,597.44. The trade was a 22.96% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.52% of the company's stock.

About Millicom International Cellular

Millicom International Cellular SA, trading under the TIGO brand, is a Luxembourg‐headquartered telecommunications and media company that provides a range of mobile, cable broadband, digital television and enterprise services. Through its integrated infrastructure, the company delivers voice and data connectivity, high‐speed internet access and pay‐television packages to millions of customers, supported by ongoing investments in network coverage and capacity.

Established in 1990 by Swedish investor Jan Stenbeck, Millicom has grown into a multi‐regional operator focused primarily on Central and South America.

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